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Russian high-tech company Sensor Systems announces that they have reached an agreement with Leorsa Innovations for a funding round of up to $1 million (751K Euro). The Ingria resident is a St. Petersburg-based startup founded by scientists from St. Petersburg State University which has developed an electronic tongue capable of artificial assessment of the taste and flavor of food and pharmaceutical products.
The applications for such products are numerous, where the use of the human tasters is not possible for variety of health and safety reasons, such as in a process of developing new drugs.
This is not quite an Internet startup, on the contrary, this high-tech product is likely to require much more funding to arrive to the finished product, establish manufacturing capabilities, build sales channels and start making money. However it is encouraging to see that investors take a bold move in backing a hardware startup in a biotech space, notorious for longer payback periods.
The company is currently concentrating on finishing development of and commercializing the product. As part of the deal, Leorsa will become a majority shareholder in the company.
Earlier this summer, we reported on $1,2 million (901K Euro) in investment obtained by Ingria resident Radario and now have news of another major agreement. On October 4th, Ingria will host the VC Day Ingria Future Science event with Leorsa in an effort to encourage further investment in high-tech and lifescience-oriented startups. Interested participants only have until September 20th to register for the event, so those in the area should move quickly to sign up.
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